-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A23_Bilateral trust directions.log
  log type:  text
 opened on:  19 Feb 2026, 00:02:00

. 
. //PREPARE DATA
. * set globals
. global firm = "firmage firmage2"

. global ceo = "age age2 yrinco"

. global bitrustFEs = "ceoid eubmcode boardid#year"

. global bitrustsample = ///
>         "eubmcode != 33 & haspat & year < 2012 & !nonUS & bitrust != . & bitrusted != ." //eubmcode 33 = US

. global cluster = "etheubmcode"

.         
. 
. //PREPARE TABLE
. foreach panel in "A" "B" {
  2.         * PANEL A: Non-US-based inventor bilateral trust sample
.         if "`panel'" == "A" {
  3.                 use "Bilateral trust sample_nonUS.dta", clear
  4.         }
  5.         * PANEL B: All inventor bilateral trust sample
.         if "`panel'" == "B" {
  6.                 use "Bilateral trust sample_all.dta", clear
  7.         }
  8.         * construct additional variables
.         egen pctbitrust = xtile(bitrust) if ${bitrustsample}, n(10)
  9.         egen pctbitrusted = xtile(bitrusted) if ${bitrustsample}, n(10) 
 10.         
.         eststo clear
 11.         eststo col1: /// CEO-to-inventors trust (bitrust)
>                 reghdfe ash_f1allpatxc bitrust_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 12.                         estadd local weight                     "Pat count"
 13.                         estadd local FE_CEO         "X"
 14.                         estadd local FE_IC          "X"
 15.                         estadd local FE_FxY         "X"
 16.                         distinct brdeubmcode if e(sample)
 17.                         estadd scalar nofirmxcntrys = r(ndistinct)
 18.                         distinct boardid if e(sample)
 19.                         eststo col1, add(nofirms r(ndistinct))
 20.         eststo col2: /// CEO-to-inventors trust with bitrusted decile FEs
>                 reghdfe ash_f1allpatxc bitrust_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs} pctbitrusted) cluster(${cluster}) keepsin
 21.                         estadd local weight                     "Pat count"
 22.                         estadd local FE_CEO         "X"
 23.                         estadd local FE_IC          "X"
 24.                         estadd local FE_FxY         "X"
 25.                         estadd local FE_bitrusted   "X"
 26.                         distinct brdeubmcode if e(sample)
 27.                         estadd scalar nofirmxcntrys = r(ndistinct)
 28.                         distinct boardid if e(sample)
 29.                         eststo col2, add(nofirms r(ndistinct))
 30.         eststo col3: /// inventors-to-CEO trust (bitrusted)
>                 reghdfe ash_f1allpatxc bitrusted_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 31.                         estadd local weight                     "Pat count"
 32.                         estadd local FE_CEO         "X"
 33.                         estadd local FE_IC          "X"
 34.                         estadd local FE_FxY         "X"
 35.                         distinct brdeubmcode if e(sample)
 36.                         estadd scalar nofirmxcntrys = r(ndistinct)
 37.                         distinct boardid if e(sample)
 38.                         eststo col3, add(nofirms r(ndistinct))
 39.         eststo col4: /// inventors-to-CEO trust with bitrust decile FEs
>                 reghdfe ash_f1allpatxc bitrusted_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs} pctbitrust) cluster(${cluster}) keepsin
 40.                         estadd local weight                     "Pat count"
 41.                         estadd local FE_CEO         "X"
 42.                         estadd local FE_IC          "X"
 43.                         estadd local FE_FxY         "X"
 44.                         estadd local FE_bitrust     "X"
 45.                         distinct brdeubmcode if e(sample)
 46.                         estadd scalar nofirmxcntrys = r(ndistinct)
 47.                         distinct boardid if e(sample)
 48.                         eststo col4, add(nofirms r(ndistinct))
 49.         eststo col5: /// both bilateral trust directions
>                 reghdfe ash_f1allpatxc bitrust_sd bitrusted_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 50.                         estadd local weight                     "Pat count"
 51.                         estadd local FE_CEO         "X"
 52.                         estadd local FE_IC          "X"
 53.                         estadd local FE_FxY         "X"
 54.                         distinct brdeubmcode if e(sample)
 55.                         estadd scalar nofirmxcntrys = r(ndistinct)
 56.                         distinct boardid if e(sample)
 57.                         eststo col5, add(nofirms r(ndistinct))
 58.         eststo col6: /// both bilateral trust directions, citation-weighted
>                 reghdfe ash_f1allpatxc_citff bitrust_sd bitrusted_sd if ${bitrustsample}, ///
>                 a(${bitrustFEs}) cluster(${cluster}) keepsin
 59.                         estadd local weight                     "Fwd cites"
 60.                         estadd local FE_CEO         "X"
 61.                         estadd local FE_IC          "X"
 62.                         estadd local FE_FxY         "X"
 63.                         distinct brdeubmcode if e(sample)
 64.                         estadd scalar nofirmxcntrys = r(ndistinct)
 65.                         distinct boardid if e(sample)
 66.                         eststo col6, add(nofirms r(ndistinct))
 67.         
.         esttab /*using "Table A23_Bilateral trust directions_Panel `panel.tex"*/, ///
>                 cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>                 nomtitle collabels(none) label varwidth(36) modelwidth(12) ///
>                 mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0) ///
>                         prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>                 keep(bitrust_sd bitrusted_sd) order(bitrust_sd bitrusted_sd) ///
>                 coeflab(bitrust_sd "CEO-toward-inventors bilateral trust" ///
>                                 bitrusted_sd "Inventors-toward-CEO bilateral trust") ///
>                 stats(weight FE_CEO FE_IC FE_FxY FE_bitrusted FE_bitrust N nofirmxcntrys nofirms, ///
>                 fmt(%9.0fc %9.0fc %9.0fc) ///
>                         lab("Quality weight" "CEO FEs" "Inventor country FEs" "Firm $\times$ Year FEs" ///
>                                 "Inventor-to-CEO trust decile FEs" "CEO-to-inventor trust decile FEs" ///
>                                 "Observations" "Firm $\times$ Inv country's" "Firms"))
 68. }
(1,758,806 missing values generated)
(1,758,806 missing values generated)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 23 iterations)

HDFE Linear regression                            Number of obs   =     13,066
Absorbing 3 HDFE groups                           F(   1,    147) =      13.84
Statistics robust to heteroskedasticity           Prob > F        =     0.0003
                                                  R-squared       =     0.4340
                                                  Adj R-squared   =     0.2038
                                                  Within R-sq.    =     0.0035
Number of clusters (etheubmcode) =        148     Root MSE        =     0.7961

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0994594   .0267346     3.72   0.000     .0466257    .1522932
       _cons |  -.4064753   .2261785    -1.80   0.074    -.8534569    .0405062
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       722           0         722     |
       eubmcode |        16           1          15     |
   boardid#year |      3662         621        3041    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      13066       2037

added scalar:
      e(nofirmxcntrys) =  2037

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      13066        590
(e(nofirms) = 590 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 26 iterations)

HDFE Linear regression                            Number of obs   =     13,066
Absorbing 4 HDFE groups                           F(   1,    147) =       6.32
Statistics robust to heteroskedasticity           Prob > F        =     0.0130
                                                  R-squared       =     0.4371
                                                  Adj R-squared   =     0.2073
                                                  Within R-sq.    =     0.0026
Number of clusters (etheubmcode) =        148     Root MSE        =     0.7943

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .1329671   .0529087     2.51   0.013     .0284072    .2375269
       _cons |  -.6885207   .4447577    -1.55   0.124    -1.567466    .1904242
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       722           0         722     |
       eubmcode |        16           1          15     |
   boardid#year |      3662         621        3041    ?|
   pctbitrusted |        10           1           9    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

added macro:
       e(FE_bitrusted) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      13066       2037

added scalar:
      e(nofirmxcntrys) =  2037

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      13066        590
(e(nofirms) = 590 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 21 iterations)

HDFE Linear regression                            Number of obs   =     12,875
Absorbing 3 HDFE groups                           F(   1,    147) =       5.72
Statistics robust to heteroskedasticity           Prob > F        =     0.0180
                                                  R-squared       =     0.4351
                                                  Adj R-squared   =     0.2069
                                                  Within R-sq.    =     0.0020
Number of clusters (etheubmcode) =        148     Root MSE        =     0.7971

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
bitrusted_sd |   .0757503   .0316746     2.39   0.018      .013154    .1383466
       _cons |  -.1912705   .2605023    -0.73   0.464    -.7060839    .3235429
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       711           0         711     |
       eubmcode |        16           1          15     |
   boardid#year |      3591         612        2979    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12875       2013

added scalar:
      e(nofirmxcntrys) =  2013

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12875        581
(e(nofirms) = 581 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 24 iterations)

HDFE Linear regression                            Number of obs   =     12,875
Absorbing 4 HDFE groups                           F(   1,    147) =       0.22
Statistics robust to heteroskedasticity           Prob > F        =     0.6401
                                                  R-squared       =     0.4375
                                                  Adj R-squared   =     0.2094
                                                  Within R-sq.    =     0.0001
Number of clusters (etheubmcode) =        148     Root MSE        =     0.7959

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
bitrusted_sd |  -.0257789    .055021    -0.47   0.640    -.1345132    .0829555
       _cons |   .6437173   .4523574     1.42   0.157    -.2502465    1.537681
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       711           0         711     |
       eubmcode |        16           1          15     |
   boardid#year |      3591         612        2979    ?|
     pctbitrust |        10           1           9    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

added macro:
         e(FE_bitrust) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12875       2013

added scalar:
      e(nofirmxcntrys) =  2013

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12875        581
(e(nofirms) = 581 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 21 iterations)

HDFE Linear regression                            Number of obs   =     12,875
Absorbing 3 HDFE groups                           F(   2,    147) =       8.19
Statistics robust to heteroskedasticity           Prob > F        =     0.0004
                                                  R-squared       =     0.4361
                                                  Adj R-squared   =     0.2081
                                                  Within R-sq.    =     0.0036
Number of clusters (etheubmcode) =        148     Root MSE        =     0.7965

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0998658   .0439238     2.27   0.024     .0130621    .1866696
bitrusted_sd |    .003281   .0469547     0.07   0.944    -.0895124    .0960743
       _cons |  -.4364727   .2302738    -1.90   0.060    -.8915474     .018602
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       711           0         711     |
       eubmcode |        16           1          15     |
   boardid#year |      3591         612        2979    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12875       2013

added scalar:
      e(nofirmxcntrys) =  2013

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12875        581
(e(nofirms) = 581 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 22 iterations)

HDFE Linear regression                            Number of obs   =     12,863
Absorbing 3 HDFE groups                           F(   2,    147) =       8.07
Statistics robust to heteroskedasticity           Prob > F        =     0.0005
                                                  R-squared       =     0.4644
                                                  Adj R-squared   =     0.2479
                                                  Within R-sq.    =     0.0038
Number of clusters (etheubmcode) =        148     Root MSE        =     1.4306

                          (Std. err. adjusted for 148 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .2172457   .0761081     2.85   0.005     .0668384     .367653
bitrusted_sd |    -.04522   .0768189    -0.59   0.557     -.197032     .106592
       _cons |  -.5398899   .4048554    -1.33   0.184    -1.339979    .2601989
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |       710           0         710     |
       eubmcode |        16           1          15     |
   boardid#year |      3589         612        2977    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Fwd cites"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      12863       2009

added scalar:
      e(nofirmxcntrys) =  2009

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      12863        580
(e(nofirms) = 580 added)

------------------------------------------------------------------------------------------------------------------------------------
                                     \multicolumn{6}{c}{arsinh(Future patent applications)}                                         
                                              (1)             (2)             (3)             (4)             (5)             (6)   
------------------------------------------------------------------------------------------------------------------------------------
CEO-toward-inventors bilateral trust        0.099***        0.133**                                         0.100**         0.217***
                                          (0.027)         (0.053)                                         (0.044)         (0.076)   
Inventors-toward-CEO bilateral trust                                        0.076**        -0.026           0.003          -0.045   
                                                                          (0.032)         (0.055)         (0.047)         (0.077)   
------------------------------------------------------------------------------------------------------------------------------------
Quality weight                          Pat count       Pat count       Pat count       Pat count       Pat count       Fwd cites   
CEO FEs                                         X               X               X               X               X               X   
Inventor country FEs                            X               X               X               X               X               X   
Firm $\times$ Year FEs                          X               X               X               X               X               X   
Inventor-to-CEO trust decile FEs                                X                                                                   
CEO-to-inventor trust decile FEs                                                                X                                   
Observations                               13,066          13,066          12,875          12,875          12,875          12,863   
Firm $\times$ Inv country's                 2,037           2,037           2,013           2,013           2,013           2,009   
Firms                                         590             590             581             581             581             580   
------------------------------------------------------------------------------------------------------------------------------------
(1,394,906 missing values generated)
(1,394,906 missing values generated)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 3 HDFE groups                           F(   1,    173) =       6.78
Statistics robust to heteroskedasticity           Prob > F        =     0.0100
                                                  R-squared       =     0.6848
                                                  Adj R-squared   =     0.5988
                                                  Within R-sq.    =     0.0012
Number of clusters (etheubmcode) =        174     Root MSE        =     0.6592

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0410347   .0157614     2.60   0.010     .0099254    .0721441
       _cons |   .3258654   .1326334     2.46   0.015     .0640773    .5876534
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 34 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 4 HDFE groups                           F(   1,    173) =       3.10
Statistics robust to heteroskedasticity           Prob > F        =     0.0802
                                                  R-squared       =     0.6852
                                                  Adj R-squared   =     0.5992
                                                  Within R-sq.    =     0.0005
Number of clusters (etheubmcode) =        174     Root MSE        =     0.6589

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0492459   .0279843     1.76   0.080    -.0059888    .1044806
       _cons |   .2562183   .2365441     1.08   0.280    -.2106655    .7231022
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
   pctbitrusted |        10           1           9    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

added macro:
       e(FE_bitrusted) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 3 HDFE groups                           F(   1,    173) =       6.98
Statistics robust to heteroskedasticity           Prob > F        =     0.0090
                                                  R-squared       =     0.6847
                                                  Adj R-squared   =     0.5987
                                                  Within R-sq.    =     0.0010
Number of clusters (etheubmcode) =        174     Root MSE        =     0.6593

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
bitrusted_sd |    .036633   .0138687     2.64   0.009     .0092594    .0640065
       _cons |   .3679816   .1149827     3.20   0.002      .141032    .5949312
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 33 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 4 HDFE groups                           F(   1,    173) =       1.28
Statistics robust to heteroskedasticity           Prob > F        =     0.2601
                                                  R-squared       =     0.6852
                                                  Adj R-squared   =     0.5992
                                                  Within R-sq.    =     0.0002
Number of clusters (etheubmcode) =        174     Root MSE        =     0.6589

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
bitrusted_sd |   .0289436   .0256169     1.13   0.260    -.0216184    .0795055
       _cons |      .4322   .2137555     2.02   0.045     .0102956    .8541044
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
     pctbitrust |        10           1           9    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

added macro:
         e(FE_bitrust) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 3 HDFE groups                           F(   2,    173) =       3.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0227
                                                  R-squared       =     0.6848
                                                  Adj R-squared   =     0.5988
                                                  Within R-sq.    =     0.0012
Number of clusters (etheubmcode) =        174     Root MSE        =     0.6592

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~c | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |   .0303648   .0264061     1.15   0.252    -.0217548    .0824844
bitrusted_sd |   .0131025   .0229792     0.57   0.569    -.0322532    .0584582
       _cons |   .3069421    .131715     2.33   0.021     .0469668    .5669175
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Pat count"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 31 iterations)

HDFE Linear regression                            Number of obs   =     32,648
Absorbing 3 HDFE groups                           F(   2,    173) =       4.09
Statistics robust to heteroskedasticity           Prob > F        =     0.0183
                                                  R-squared       =     0.7091
                                                  Adj R-squared   =     0.6297
                                                  Within R-sq.    =     0.0012
Number of clusters (etheubmcode) =        174     Root MSE        =     1.1651

                          (Std. err. adjusted for 174 clusters in etheubmcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allp~f | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
  bitrust_sd |    .067093   .0386075     1.74   0.084    -.0091093    .1432954
bitrusted_sd |   .0085886   .0346113     0.25   0.804    -.0597261    .0769033
       _cons |    .934454   .2256317     4.14   0.000     .4891087    1.379799
------------------------------------------------------------------------------

Absorbed degrees of freedom:
--------------------------------------------------------+
    Absorbed FE | Categories  - Redundant  = Num. Coefs |
----------------+---------------------------------------|
          ceoid |      1326           0        1326     |
       eubmcode |        16           1          15     |
   boardid#year |      6763        1107        5656    ?|
--------------------------------------------------------+
? = number of redundant parameters may be higher

added macro:
             e(weight) : "Fwd cites"

added macro:
             e(FE_CEO) : "X"

added macro:
              e(FE_IC) : "X"

added macro:
             e(FE_FxY) : "X"

             |        Observations
             |      total   distinct
-------------+----------------------
 brdeubmcode |      32648       5005

added scalar:
      e(nofirmxcntrys) =  5005

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      32648       1072
(e(nofirms) = 1072 added)

------------------------------------------------------------------------------------------------------------------------------------
                                     \multicolumn{6}{c}{arsinh(Future patent applications)}                                         
                                              (1)             (2)             (3)             (4)             (5)             (6)   
------------------------------------------------------------------------------------------------------------------------------------
CEO-toward-inventors bilateral trust        0.041**         0.049*                                          0.030           0.067*  
                                          (0.016)         (0.028)                                         (0.026)         (0.039)   
Inventors-toward-CEO bilateral trust                                        0.037***        0.029           0.013           0.009   
                                                                          (0.014)         (0.026)         (0.023)         (0.035)   
------------------------------------------------------------------------------------------------------------------------------------
Quality weight                          Pat count       Pat count       Pat count       Pat count       Pat count       Fwd cites   
CEO FEs                                         X               X               X               X               X               X   
Inventor country FEs                            X               X               X               X               X               X   
Firm $\times$ Year FEs                          X               X               X               X               X               X   
Inventor-to-CEO trust decile FEs                                X                                                                   
CEO-to-inventor trust decile FEs                                                                X                                   
Observations                               32,648          32,648          32,648          32,648          32,648          32,648   
Firm $\times$ Inv country's                 5,005           5,005           5,005           5,005           5,005           5,005   
Firms                                       1,072           1,072           1,072           1,072           1,072           1,072   
------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
